Free Printable 1.00 & 4.00 Review

Worksheets

1.00 & 4.00 Review

Total questions: 25

Worksheet time: 31mins

Name

Class

Date

Megan’s mother suggested that she was experiencing the consequences of her trade-off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?

Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress plus most of the money she had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on the cash needed to do the job.

Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that enabled her to save 30% when she returned to the store to purchase the dress.

Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to tell her which one looked best on her. After much deliberation, she chose the dress that was the least expensive of the 3 she liked best.

Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purchased the one that was the most comfortable even though it cost $28 more than the other one.

Which of the following is likely to have the least influence on an individual’s values?

Media

Family

Religious affiliations

Grade average

Which of the following factors is not influenced by values?

Everything is influenced by values.

An individual’s daily decisions

An individual’s long-term decisions

An individual’s financial decisions

Jenna wants to improve her financial well-being. Which would contribute the most to her financial well-being?

Taking a personal finance class to learn how to manage her money

Paying her grandma back the money she borrowed to take a school trip last year

Talking to her friends about how to manage her money better

Opening another checking account to help her organize her money

Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford and he plans to stay within the price guidelines he and his family have set. Ian was analyzing the opportunity cost of a trade-off regarding which car to purchase. Which situation best represents what he might be thinking through?

Ian is comparing new vehicles at two car dealerships. He was able to find nearly identical cars at nearly identical prices. One dealership is 20 miles away and the other dealership is 30 miles away.

Ian has found two different cars at a local dealership that meet his needs. The first car has a better sound system than the other. The second car has 20,000 fewer miles on it.

Ian has been shopping for a vehicle online. He finds something that would meet his needs being sold by an individual near him. He would be able to purchase this car for less than he would have paid for a comparable vehicle at a car dealership.

Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would meet Ian’s needs and he knew the service history of the vehicle was excellent.

Which statement about our interactions with money is not considered to be true?

You are responsible for your present self and your future self.

Your present self impacts your future self.

You are better off in a community than by yourself.

Investment increases risk and reduces your ability to cope with risk and uncertainty.

Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?

Short‐term

Intermediate

Long‐term

Unrealistic

Carter wants to participate in an activity that will improve his well-being. Which activity would contribute the most to his well-being?

An activity his friends like to participate in

An activity that does not cost much money

An activity that his teacher suggested to him

An activity that makes him lose track of time

Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

When his financial goals have been established

When his money management plan has established high well-being

When he is 70 years old

Never – it is an ongoing process

10.

Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?

Going to the gym three times per week

Challenging himself by taking on a new project at work

Joining a local service organization

Taking a vacation from work

11.

Erica wants her class project to reflect her values. Which items would be best to include?

Things that she intends to acquire, do, reach, or accomplish in the near or distant future

Things that are necessary or essential for life and survival

Things that reflect her fundamental beliefs about what is worthwhile and important to her

Things that are unnecessary but desired which increase the quality of her life

12.

Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:

Amber discusses her goals with her parents.

Amber lets her friends set her goals.

Amber writes her goals down.

Amber thinks about her goals weekly.

13.

Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario best represents the purchase of a need?

Whitney is being inducted into the National Honor Society at her high school. Students have been directed to ‘dress nicely’. Whitney has a dress she wore to a wedding last year that still fits but her mom thinks she needs a new one to celebrate this occasion.

Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress ‘professionally’ for one of the tours. She plans to wear her new jeans and a T-shirt that has the logo of the leadership conference on it. Her mother thinks she needs to purchase something more appropriate.

Whitney has several pairs of jeans in her closet but found some that really fit her well at an excellent price when she and her mom were shopping. Her mom agrees that with these jeans at this price, they need to purchase a pair.

Whitney will be traveling to Europe with a youth ambassador program this summer. She has been instructed to pack a rain jacket. The rain jacket she already owns does not have a hood since she always uses an umbrella in rainy situations. Her mom believes she needs to purchase a hooded rain jacket because it would be more convenient.

14.

Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?

Short‐term goal

Long‐term goal

Mid‐term goal

This is not an example of a goal.

15.

One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?

Time Bound

Specific

Attainable

Measurable

16.

Steven is moving into his first apartment in a few weeks and has been busy packing. In addition to the things he has purchased with money earned from his full‐time job, his parents have told him that he can take the furniture in his bedroom and his bedding when he moves out. His parents are providing him with which type of income?

Earned income

In-home income

Gift income

In-kind income

17.

Diana has faced the fact that she and her family need to explore assistance programs they might qualify for during the time she must be off work following an accident. How might she and her family locate an appropriate program?

Call the Social Security Administration.

Contact her local bank.

Go to www.govbenefits.gov on the web.

Inquire at the local food pantry.

18.

Julie is a single mother who recently lost her job. She would like to obtain training in the medical field in order to increase her future income and support her two children. In order to do this, she will need help paying some of her expenses while she is going back to school. Which government program might offer her assistance to help with living expenses and job training?

Earned income tax credit

Unemployment insurance

TANF

Medicare

19.

Employment opportunities for Jackie and David are limited, but they both have jobs earning just a bit more than minimum wage. Which federal program will encourage them to file a tax return by offering a financial incentive to them?

Social Security

TANF

SNAP

Earned income tax credit

20.

Which federal program assists low-income families in purchasing nutritious foods?

SNAP

TANF

Social Security

Medicare

21.

Which statement is true of government assistance programs?

The ultimate goal of government programs is to help individuals become self-sufficient and independent.

Government programs were designed to provide permanent assistance to those in need.

Government programs were developed to help one specific socioeconomic group.

All government programs vary from state to state.

22.

Erica is an active member of the Silver Cord program at her school. Through this program, she commits to completing at least 25 hours of community service each year of high school. Her advisor has encouraged her to explore volunteering with nonprofit organizations. Which would qualify as a nonprofit?

An extracurricular activity in her school

The local private daycare center

Big Brothers/Big Sisters

Her elderly neighbor who needs yard work done

23.

Due to unexpected circumstances, Ariel is temporarily receiving income from a government assistance program. The funds she receives through the government program are most likely funded by:

small fees proportional to the income of clients.

taxes at the local, state, and federal levels.

donations from large corporations.

fees that are charged to some, but not all, clients using the programs.

24.

Medicare is provided by the federal government for individuals in specified circumstances. In which of the situations below would the individual most likely be receiving Medicare funds?

Jim is a 37-year-old man who lost his job and is unable to afford health insurance for himself or his children.

Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.

Rachel is a seventeen-year-old high school student who is pregnant and needs assistance with her medical expenses.

Rosie is 67 years old and in need of a health insurance program.

25.

Alyssa’s childcare provider called to tell her that the provider’s young daughter woke up ill and she won’t be able to care for Alyssa’s son today. Alyssa’s friend, who is a stay‐at‐home mother, agrees to care for Alyssa’s son today so Alyssa can go to work. Alyssa has utilized:

family child care.

social capital.

a non-profit organization.

neighborhood watch.

Reset

1.00 & 4.00 Review

Total questions: 25

Worksheet time: 31mins

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